The Situation

As payment fraud threats continue evolving, credit unions struggle to keep up.They often find themselves experiencing high levels of fraud and little insight into where it’s coming from or how to stop it. Earlier this year, we worked with a southern-based credit union that had experienced  several fraud events. They contacted us to assist in protecting their $1B+ in assets. 

Rippleshot Solution

After learning about their specific fraud challenges, including BIN attacks and international e-commerce fraud we showed them how RA can help them proactively get ahead of those types of challenges. After seeing a sample of the results we can provide, they enrolled. By monitoring and collecting fraud intelligence from a large consortium of FIs, we were able to provide weekly fraud trend insights on fake and high fraud merchants. This empowered the credit union’s fraud team to leverage our intelligence and create new preventative blocking rules.

The Result

In the first month of using our Rules Assist product their team stopped $60,000 in attempted fraud, including $50,000 in just one event. By collaborating and leveraging the data that Rippleshot provided with their own data, the credit union’s fraud team was able to further reduce false positives while continuing to block fraud attempts.

About Rippleshot and Rules Assist

Since 2013, Rippleshot has been leveraging the power of AI, machine learning and automation to proactively protect your customers from payment card fraud.

Rules Assist is the perfect blend of these tools. Together, they help your institution avoid falling behind the competition by providing the automation, machine learning, and data you need to implement effective rule writing strategies.

To learn more about how we can reduce cost, increase efficiency, and keep your fraud strategies up to date, click here.

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